Alinma Bank Net Profit Surges 74 Percent in Q3 2017

Press release
Published October 17th, 2017 - 11:47 GMT
Abdulmohsen Al-Fares, CEO of Alinma Bank
Abdulmohsen Al-Fares, CEO of Alinma Bank

Alinma Bank has announced the achievement of a net profit of SR542 million during the third quarter of 2017. This represents an improvement over the SR312 million net profit earned for the same period of the previous year, an increase of 74%. It also showed an increase of 11% over the SR488 million earned during the second quarter of 2017.

Speaking about the financial results, Abdulmohsen Al-Fares, CEO of Alinma Bank, said the results represented considerable growth in all major banking activities.

Assets rose to SR111.4 billion as of Sept. 30, 2017 compared to SR102.9 billion as of same period of the previous year, an increase of 8%.

Net income for the nine months stood at SR1,451 million, compared to SR1,112 million for the same period of the previous year, an increase of 30%.

The financing portfolio amounted to SR77.8 billion as of Sept. 30, 2017, compared to SR69.3 billion as on the same period of the previous year, an increase of 12%.

Customer deposits amounted to SR87.2 billion, compared to SR77.3 billion as on the same period of the previous year, an increase of 13%.

Earnings per share during the nine-month period of 2017 rose to 97 halalas, compared to 75 halalas for the same period of the previous year.

Al-Fares noted that Alinma Bank maintained its growth pace and offers a comprehensive array of products and services to both its retail and corporate partners.

Source: Saudi Gazette

Background Information

Alinma Bank

Alinma Bank is licensed to operate in the Saudi financial services sector, a sector that has experienced positive growth in recent years and is vital to the strength of the national economy. It is in this strong economic environment that Alinma Bank will show its competitive advantages in the following areas.

Shariah Compliance

Alinma Bank seeks to become an integrated financial institution that is in complete accordance with Shariah-compliant banking standards in all services and transactions. It is this dedication to higher standards that Alinma Bank believes will establish it as the touchstone for Shariah banking compliance at the local level in Saudi Arabia, at the regional level and at the broader international level.

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